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Following the footsteps of the Fed and the RBA, the Hong Kong Monetary Authority (HKMA) announced a surprise 50 basis points (bps) cut to its base rate to 1.5%.

FX implications

With the Hong Kong dollar (HKD) paged tightly to its US counterpart, the HKD/USD registers a swing from its multi-day low of 7.7343, registered the previous day, while marking 7.7712 as a quote by the press time of Wednesday’s Asian session.